Energy stocks keep Vietnamese markets up

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Energy stocks keep Vietnamese markets up

Vietnam News - 2/14/2017 1:59:59 PM

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Shares advanced further on the two local exchanges on February 13, driven by energy stocks’ continuing rise by three consecutive sessions of positive crude trading.

The benchmark VN Index on the HCM Stock Exchange gained 0.3 percent to close at 705.9 points. The southern market index has risen a total of 0.7 percent in the last two days.

The HNX Index on the Hanoi Stock Exchange was up 0.5 percent to end at 86.43 points. The northern market index has rallied total 1.7 percent after five trading days.

More than 205 million shares were exchanged on February 13, worth 3.21 trillion VND, showing an increase of trading volume and a fall of trading value compared to last week’s daily averages.

The stock market was strongly supported by high investor confidence in energy shares, as oil prices had a three-day rally last week after a report said that members of the Organisation of Petroleum Exporting Countries (OPEC) had strictly committed to its output cut deal.

Oil trading was bolstered after OPEC members reduced 92 percent of their production in January, followed by a 50 percent reduction by non-OPEC exporters.

Among local energy shares, PetroVietnam Coating Corp (PVB) hit the daily trading limit of 9.8 percent, while PetroVietnam Technical Services Corp (PVS), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Drilling and Well Services Corp (PVD) ranged between 5.4 percent and 6.6 percent.

Mid-cap and penny stocks remained attractive to investors on expectations for better performances in 2017.

Among those shares, property developer FLC Group (FLC) hit the daily trading limit of 7 percent after FLC’s CEO Huong Tran Kieu Dung told local media that the group targets a doubled revenue in 2017 with an earnings of 13 trillion VND from real estate segment.

Expectations for a positive year also helped agricultural group Hoang Anh Gia Lai JSC (HAG) jump 3 percent after it reported a lower loss of 302.8 billion VND in the fourth quarter of 2016, which was an improvement compared to 2015’s number.

FLC and HAG were also the two most active stocks in the market, with more than 21 million shares of FLC and 9.85 million shares of HAG being exchanged.

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